During the recent cryptocurrency market downturn, the price of ADA experienced a significant decline. Last week, ADA plummeted by 43.00% from its peak of $0.379, reaching a monthly low of $0.22.
On June 10th, #CARDANO experienced a substantial decline, indicating an attempt to break below the $0.24 support level. However, this attempt was quickly countered by buyers, resulting in a price recovery and pushing ADA above the $0.266 level.
Cardano is currently encountering resistance in the range of $0.2900-$0.3000. If ADA manages to surpass this resistance level, it has the potential to witness a bullish surge in its price.
Over the last three days, the price of the coin has been consolidating within the range of $0.3 and $0.260. During this period, the candles displayed within this range indicate indecision among market participants, reflecting uncertainty in the market.
At present, the price of ADA is above the $0.270 mark and is also trading above the 100-hourly simple moving average.
ADA is facing a resistance zone between $0.285-$0.290 that must be surpassed. The next significant resistance level is approximately $0.300, which aligns with the 50% Fibonacci retracement level of the downward movement from the swing high at $0.3820 to the low at $0.2200. Should the price successfully break above the $0.300 resistance, it has the potential to initiate a substantial upward movement. In this scenario, there is a possibility for the price to rally towards the resistance at $0.350..
If #ADA fails to surpass the resistance at $0.300, it is likely to find immediate support around the $0.2650 level. Another immediate support level can be observed near $0.259. A more significant support level follows around $0.250. If the price convincingly drops below $0.250, there is a possibility of further decline towards the $0.220 level. Should the bears persist and exert more pressure, they may target a test of the $0.200 level.
Price Analysis predicts that the market capitalization of this ADA will be $9,594,548,301. The 24-hour trading volume of the coin is around $309,949,028.
KEY LEVELS :
RESISTANCE LEVEL : $0.2870-$0.3000
SUPPORT LEVEL : $0.2600-$0.2350
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.